What First Time Buyers Must Know About Purchasing San Antonio Homes
Written by Liz Voss.
San Antonio Homes
San Antonio homes, is it really a smart time to begin shopping?
San Antonio homes may have never been as affordable before but does this really mean that now is a wise time to purchase your first home and what do you need to know about the home buying process in Texas before you jump in?
San Antonio Homes, How Bad is the Housing Market, Really?
The local market may not be leading the charge when it comes to a national housing rebound yet but there are many reasons that an enormous amount of buyers are interested in scooping up a new home here.
While there are certainly a fair amount of San Antonio homes in foreclosure on the market there are far fewer than found in much of the rest of the country. Certainly Texas refinancing laws which helped protect homeowner equity have played their part in preserving the strength of the housing market and will continue to, though there are plenty of great bargains to be found.
In fact the strength of the local economy is one of the biggest draws to the area. The unemployment rate here is among the lowest in the country, with San Antonio even outperforming Houston and Dallas for jobs. More families and businesses moving in and new homes being built are sure to help to continue to boost the economy here, fueling a sustainable rise in home prices. It may not be overnight but it is coming and that means paying a lot more for the same home for those who wait. In fact according to Trulia the average price per square foot for San Antonio homes has already risen 3.6% in the last 12 months.
San Antonio Homes, Can You Really Afford to Buy Right Now?
A better question may be can you afford not to buy a home right now? Mortgage interest rates are at amazing lows and even a rise of a couple of points could mean paying tens or even a hundred thousand more in interest for the same property later on.
It is true that getting approved for a home loan can be a little more difficult than it used to be, even if you have great credit. However, it is not impossible. A little preparation will go a long way to getting a better deal on a mortgage loan and ensuring a smooth closing. Know what your credit looks like, address any negative items immediately, get all of your income and asset information together and get pre-approved as soon as possible. With the right guidance you could find you only have to put down as little as 3% and your monthly payment could be far less than what you are paying in rent right now.
What Type of San Antonio Homes Can You Expect for Your Money?
If you haven’t started looking at any San Antonio homes yet you will likely be very pleasantly surprised at what you can get for you money. Obviously there are many variables which depend on which neighborhood you are looking in and whether you expect a brand new home or are salivating at the opportunity to unleash your own interior design skills.
Right now prices on San Antonio homes range from under $20,000 for a cozy 2 bedroom starter home to $4.5 million for a sprawling 5 acre estate with 5 bedrooms, 10,000 square feet of living space, complete with pools, gyms, basketball courts and a private lake.
San Antonio Homes, The Most Important Step for Buying
Before you pick up that phone, walk in to an open house or start emailing in response to any of the San Antonio homes you may see in ads first consider the necessity of having someone to represent you. This is something which cannot be underestimated. Homeowners will have their own attorneys or real estate agents who exclusively represent them and will unfortunately in some cases do whatever it takes to see their clients interests are protected and desires met.
This means you need a real estate professional to watch out for you too. A Realtor who exclusively represents your interests as a buyer and who will ensure your deposit money is safe, help you to negotiate the best possible deal and will hold everyone else accountable to make sure you close on your new home on time.
Just as importantly, look for an agent who will take the time to really understand what you are looking for in a new San Antonio homes and what is important to you so that you don’t waste months looking at properties you have no interest in
San Antonio homes
San Antonio Homes, What No One Tells You About the Buying Process
If you have never purchased a home before you will soon find out it is far different than any other purchase you have made. Familiarize yourself with the steps and know what to expect so that you aren’t waking up in the middle of the night with panic attacks or find you are stuck in a hotel for a few weeks until you close on your new home.
Some steps to follow in the buying process:
1. Select a great real estate agent
2. Get pre-approved for a home loan
3. Start shopping for San Antonio homes
4. Make an offer
5. Negotiate the terms
6. Complete your inspections
7. Provide any additional information requested by mortgage underwriters
8. Close on your new home and get the keys!
Keeping it Real
While the price of San Antonio homes and interest rates are incredibly low and your chances of getting into your dream home have never been better it pays to be realistic about shopping for your first home. You may not qualify to get into the mansion of your dreams yet or you may find the ideal home in the ideal location which has horrendous colored walls and carpets in the third bedroom. Recognize the difference between the things which are quick fixes and that you can make later on, after you purchase. We are likely to see one of the biggest spikes in equity and appreciation in the San Antonio homes market over the next 5-10 years as the global economy rebounds. So even if you plan on moving up later, getting onto the property ladder is a smart financial move that cannot only save you money but help you to build up a large nest egg which can be used as a down payment on the ultimate home of your dreams in a couple of years from now.
San Antonio Homes, What’s Next?
Whether you are all set to go with a mortgage approval in hand or you would like to know more about the San Antonio homes market the first step is to contact a local real estate expert who specializes in helping buyers and who can give you the extra guidance and info you need.
Call me today to see exactly what San Antonio Homes are available.
